Bitcoin Update: 71400$ Reversal Point?
After the "god candle," Bitcoin is finally taking a breather and moving sideways to the downside in shorter time frames.
Technical analysis suggests that such candles usually create imbalances in the market, leading to the appearance of random candles on the chart. However, by the end of the day, the market tends to balance itself at an appropriate price, whether higher or lower.
Once the market stabilizes, volume and movement return. Until then, there are only liquidation wicks on both sides.
The biggest challenge for Bitcoin is the $71,400 level. Bitcoin has never convincingly crossed this area; even when it did for the first time, it couldn't establish it as support. Recently, after the CPI results produced a "god candle," Bitcoin faced rejection at this same level and slowed down.
After some sideways movement and balancing, the bulls will likely attempt to break this level again. If they fail, the market could fall back to the $66,000-67,000 range. Trading in this market is quite difficult, so I'm using minimal margin and only taking scalp trades.$BTC
